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Property Buying Guide

Buy to Let Advice: The Hidden Costs of Buy to Let

Not only will the rent need to cover your monthly mortgage repayments, but it will need to be enough for you to cover the costs of buildings insurance and contents insurance, maintenance and redecoration, plus possible void periods when the property is empty or unlet. It is also possible to take out insurance against non-payment of rent, and to cover legal expenses. You will also need to cover ground rent if the property is leasehold, and any service charges if these are applicable. As a landlord, these are all your responsibility. There will also be repairs and replacements from time to time.

Your tenants will be responsible for paying Council Tax and utility bills, TV licences, telephone bills and internet connection costs, for instance.

You will need to have a contingency fund to cover you for periods of time when there are no tenants in the property. Put aside the equivalent of about three months' rental income so that you are able to meet the costs of your mortgage repayments.

A letting agent's fee will need to be paid from the gross rental income. This may be in the region of 10 -15 per cent depending on the level of service you want. You may save money by not using an agent but it would be wise to use one in the first instance if you have no experience of letting a property.

ADVICE TO READERS
The contents of this site are for general information only and do not constitute financial advice. FirstRungNow Ltd is not responsible for any dealings or communications between its site visitors and other websites featured on www.FirstRungNow.com. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it. While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions. Property values can go down as well as up.

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